Spencer's Retail Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Working capital cycle has improved - days down from -122 to -170
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of -29.7%
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 0.0% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DMART | 3687.90 | 78.66 | 240541.79 | 0.00 | 860.44 | 11.34 | 18794.53 | 14.88 | 18.03 | 7.98 |
| TRENT | 2804.40 | 82.67 | 149544.98 | 0.14 | 518.07 | 21.98 | 5754.71 | 17.84 | 36.73 | 19.45 |
| VMM | 101.50 | 53.31 | 47550.81 | 0.00 | 258.77 | 25.57 | 3727.01 | 18.68 | 19.24 | 14.61 |
| METROBRAND | 939.90 | 63.04 | 25622.76 | 0.64 | 95.26 | -3.58 | 720.36 | 14.66 | 35.77 | 29.85 |
| ABLBL | 83.43 | 57.86 | 10182.81 | 0.60 | 29.02 | 20.62 | 2045.74 | 11.15 | 27.34 | 15.06 |
| PNGJL | 613.50 | 20.26 | 9030.88 | 0.00 | 105.33 | 51.91 | 2412.98 | 40.73 | 21.80 | 7.56 |
| V2RETAIL | 218.05 | 44.50 | 7950.92 | 0.00 | 41.85 | 69.70 | 997.20 | 57.73 | 38.43 | 13.99 |
| AVL | 614.65 | 57.11 | 7937.47 | 0.20 | 77.22 | 39.99 | 1192.68 | 26.85 | 20.82 | 10.44 |
| MEDPLUS | 660.40 | 37.70 | 7933.85 | 0.00 | 33.17 | -21.67 | 1879.60 | 21.84 | 22.22 | 7.09 |
| EMIL | 188.35 | 35.15 | 7246.74 | 0.00 | 120.64 | 458.07 | 2418.95 | 39.07 | 11.84 | 9.88 |
| ETHOSLTD | 2639.25 | 67.99 | 7062.02 | 0.00 | 28.66 | 50.71 | 461.71 | 33.32 | 13.70 | 12.97 |
| SPENCERS | 28.46 | 0.00 | 256.52 | 0.00 | -60.45 | 1.88 | 469.47 | 12.90 | -27.46 | 1.61 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 570 | 574 | 654 | 547 | 548 | 518 | 517 | 412 | 416 | 445 | 503 | 436 | 469 | |
| 575 | 581 | 642 | 559 | 547 | 563 | 505 | 423 | 423 | 449 | 496 | 443 | 532 | |
| Operating Profit | -5 | -7 | 12 | -12 | 1 | -45 | 12 | -11 | -7 | -4 | 7 | -7 | -62 |
| OPM % | -0.81% | -1.17% | 1.80% | -2.21% | 0.24% | -8.67% | 2.28% | -2.78% | -1.60% | -0.79% | 1.33% | -1.63% | -13.27% |
| 12 | 3 | 6 | 4 | 28 | 61 | 3 | 11 | 11 | 4 | 1 | 9 | 2 | |
| Interest | 34 | 36 | 38 | 41 | 43 | 40 | 41 | 41 | 40 | 41 | 43 | 45 | 46 |
| Depreciation | 38 | 31 | 32 | 32 | 30 | 64 | 22 | 27 | 26 | 23 | 23 | 23 | 23 |
| Profit before Tax | -64 | -70 | -51 | -81 | -44 | -87 | -47 | -68 | -62 | -64 | -58 | -66 | -60 |
| Tax % | 0.14% | 0.13% | 0.18% | 0.11% | 0.14% | 0.07% | 0.13% | 0.09% | 0.10% | 0.09% | 0.10% | 0.09% | 0.07% |
| Net Profit | 0 | 0 | 0 | 0 | -43 | -87 | -47 | -68 | -62 | -64 | -58 | -66 | -60 |
| -7.12 | -7.78 | -5.68 | -8.95 | -4.82 | -9.67 | -5.25 | -7.59 | -6.84 | -7.08 | -6.47 | -7.28 | -6.71 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,043 | 2,187 | 2,645 | 2,428 | 2,300 | 2,453 | 2,345 | 1,995 | 1,800 | 1,854 | |
| 1,047 | 2,178 | 2,587 | 2,420 | 2,284 | 2,474 | 2,360 | 2,051 | 1,823 | 1,920 | |
| Operating Profit | -4 | 9 | 57 | 8 | 15 | -21 | -15 | -55 | -23 | -66 |
| OPM % | -0.43% | 0.41% | 2.17% | 0.33% | 0.67% | -0.86% | -0.63% | -2.78% | -1.28% | -3.57% |
| 9 | 28 | 32 | 53 | 85 | 57 | 29 | 116 | 38 | 16 | |
| Interest | 4 | 7 | 82 | 91 | 97 | 115 | 148 | 164 | 169 | 175 |
| Depreciation | 15 | 25 | 138 | 134 | 126 | 132 | 132 | 143 | 96 | 93 |
| Profit before Tax | -14 | 4 | -131 | -164 | -122 | -211 | -267 | -247 | -250 | -248 |
| Tax % | -0.00% | 42.71% | 0.14% | 0.21% | 0.40% | 0.19% | 0.13% | 0.10% | 0.09% | 0.09% |
| Net Profit | -14 | 2 | -131 | -164 | -121 | -210 | -266 | -246 | -249 | -248 |
| EPS | 0.00 | 0.30 | -16.19 | -18.99 | -13.49 | -23.37 | -29.53 | -27.33 | -27.66 | — |
| Dividend Payout % | — | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -6%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -24%
- 3 Years:
- -24%
- 1 Year:
- -51%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -20%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 40 | 40 | 45 | 45 | 45 | 45 | 45 | 45 |
| 507 | 508 | 234 | 141 | 16 | -196 | -461 | -707 | -958 | |
| 1 | 1 | 756 | 857 | 983 | 1,245 | 1,469 | 1,382 | 1,638 | |
| Trade Payables | 280 | 312 | 374 | 331 | 333 | 344 | 385 | 317 | 299 |
| 85 | 53 | 190 | 185 | 188 | 191 | 259 | 273 | 372 | |
| Total Liabilities | 873 | 914 | 1,594 | 1,559 | 1,565 | 1,629 | 1,696 | 1,310 | 1,396 |
| 239 | 263 | 1,055 | 1,053 | 1,049 | 1,132 | 1,211 | 953 | 971 | |
| Capital Work in Progress | 0 | 1 | 10 | 3 | 8 | 2 | 1 | 0 | 0 |
| 7 | 23 | 24 | 35 | 94 | 94 | 56 | 43 | 36 | |
| 242 | 270 | 248 | 267 | 260 | 265 | 266 | 170 | 184 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 25 | 18 | 25 | |
| Cash & Bank | 100 | 220 | 81 | 58 | 18 | 18 | 36 | 26 | 49 |
| 285 | 137 | 176 | 143 | 136 | 119 | 101 | 100 | 131 | |
| Total Assets | 873 | 914 | 1,594 | 1,559 | 1,565 | 1,629 | 1,696 | 1,310 | 1,396 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| -48 | -10 | 121 | 2 | 54 | 12 | 35 | 37 | -60 | |
| Cash from Investing | -189 | 22 | -7 | -18 | -40 | -26 | 11 | -20 | -8 |
| Cash from Financing | 38 | -0 | -54 | -3 | -54 | -5 | -28 | -27 | 92 |
| -199 | 9 | 53 | -24 | -40 | -4 | 18 | -10 | 24 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Spencer's Retail Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-08-18 - Spencer's Retail Limited has informed the Exchange about Transcript
2026-08-16 - Spencer's Retail Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Spencer's Retail Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026
2026-08-14 - Spencer's Retail Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Spencer's Retail Limited has informed the Exchange about Link of Recording
2026-08-13 - Spencer's Retail Limited has informed the Exchange about Investor Presentation
2026-08-13 - Spencer's Retail Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-07 - Spencer's Retail Limited has informed the Exchange about Schedule of meet
News
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